As the year draws to a close, please be reminded that you MUST add back to your W-2 earnings for 2020 the following:
Accident and health insurance premiums (S corp shareholders - 2% or more)
Personal use of company car
Group term life insurance over $50,000
Other taxable compensation including bonuses and tips
These amounts must be given to your payroll provider before December 16 to be added to your W-2 for 2020.
Should you have any questions about any of these items, please do not hesitate to call our office.